The costs of production include:
A. accounting costs.
B. accounting costs and opportunity costs.
C. the opportunity costs foregone by producing a given product.
D. the costs that appear on the income statements.
Answer: B
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Holding money as a store of value instead of other assets is
A) the capital demand for money. B) the asset demand for money. C) the precautionary demand for money. D) the transactions demand for money.
If the price elasticity of demand for Cheer detergent is 3.0, then a
a. 12 percent drop in price leads to a 36 percent rise in the quantity demanded b. 12 percent drop in price leads to a 4 percent rise in the quantity demanded c. $1,000 drop in price leads to a 3,000-unit rise in the quantity demanded d. $1,000 drop in price leads to a 333-unit rise in the quantity demanded e. 12 percent rise in price leads to a 36 percent rise in the quantity demanded
Trade between two nations can benefit both if each specializes in the good that it can produce at a lower opportunity cost.
a. true b. false
The Great Depression did not
A. Lead to a high rate of inflation. B. Lead to an unemployment rate that reached 25 percent. C. Cause President Roosevelt to declare a "bank holiday" in 1933. D. Follow a period of apparent prosperity.